Real Estate Law 35

admin 2019.05.08 19:05 Views : 244

Check Your Understanding Answers

  1. What are contingencies?

    Contingencies are conditions that must be met in order for a contract to be performed.
     
  2. What must parties to a contract do when a contingency is removed or satisfied?

    The parties are required to perform according to the contract terms or be in breach of contract.
     
  3. List the four questions licensees should ask themselves to clearly understand a contingency?
    • Who is required to act?
    • What should be done
    • When must it be done?
    • How is the contingency removed or satisfied?
       
  4. What does California law require the parties of a contract to do in order to fulfill a contingency.

    California law requires all parties to a contract to use reasonable due diligence to fulfill a contingency requirement.
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» Real Estate Law 35 admin 2019.05.08 244